TransUnion

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TransUnion, LLC
Public
Traded as NYSETRU
Industry Information Technology
Founded 1968; 47 years ago (1968)
Headquarters Chicago, Illinois, USA
Area served
Worldwide
Key people
Jim Peck
Products Credit Reports
Services Credit information
Revenue $1.3 billion (2014)
Number of employees
4,100[1] (2015)
Website transunion.com

TransUnion is an American company that provides credit information and information management services to approximately 45,000 businesses and approximately 500 million consumers worldwide in 33 countries.[2] It is also the third-largest credit bureau in the United States. Like major competitors Equifax and Experian, TransUnion markets credit reports directly to consumers. The company is based in Chicago, Illinois, and its revenue in 2014 was US $1.3 billion.[3]

History[edit]

TransUnion was originally formed in 1968 as a holding company for the railroad leasing organization, Union Tank Car Company. The following year, it acquired the Credit Bureau of Cook County, which possessed and maintained 3.6 million card files.[2] In 1981, a Chicago-based holding company The Marmon Group acquired TransUnion for approximately $688 million.[4][5] Almost thirty years later, in 2010, Goldman Sachs Capital Partners and Advent International acquired it from Madison Dearborn Partners[6] In 2014, TransUnion acquired Hank Asher’s data company TLO.[7]On June 25, 2015, TransUnion became a publicly traded company for the first time, trading under the symbol TRU.

Legal and Regulatory Issues[edit]

In 2003, Judy Thomas of Klamath Falls, Oregon, was awarded $5.3 million in a successful lawsuit against TransUnion. The award was made on the grounds that it took her six years to get TransUnion to remove incorrect information in her credit report.[8]

In 2006, after spending two years trying to correct erroneous credit information that resulted from being a victim of identity theft, a fraud victim named Sloan filed suit against all three of the USA's largest credit agencies. TransUnion and Experian settled out of court for an undisclosed amount. In Sloan v. Equifax, a jury awarded Sloan $351,000. "She wrote letters. She called them. They saw the problem. They just didn't fix it," said attorney A. Hugo Blankingship III of Blankingship & Associates in Alexandria, Virginia.[9]

TransUnion has also been criticized for concealing charges. Many users complained of not being aware of a $17.95/month charge for holding a TransUnion account.[10]

In March 2015, following a settlement with the New York Attorney General, TransUnion, along with other credit reporting companies, Experian and Equifax, agreed to help consumers with errors and red flags on credit reports. Under the new settlement, credit-reporting firms are required to use trained employees to respond when a consumer flags a mistake on their file. These employees are responsible for communicating with the lender and resolving the dispute.[11]

See also[edit]

References[edit]

  1. ^ "TransUnion CSR REport 2015" (PDF). TransUnion. TransUnion. Retrieved 29 June 2015. 
  2. ^ a b "TransUnion Company History". TransUnion. TransUnion. Retrieved 13 May 2015. 
  3. ^ "TransUnion SEC Filing (2014)". SEC. SEC. Retrieved 13 May 2015. 
  4. ^ Marmon Group
  5. ^ Cunningham, Lawrence. "Book: All One." Berkshire beyond Buffett: The Enduring Value of Values, .". New York Columbia Business School. Retrieved 13 May 2015. 
  6. ^ "Advent and Goldman to buy TransUnion in $3B Deal". New York Times. New York Times. Retrieved 13 May 2015. 
  7. ^ "TransUnion Closes Acquisition of TLO". Inside Arm. Inside Arm. Retrieved 13 May 2015. 
  8. ^ Block, Sandra. "Fixing errors in credit report is no small task", USA Today, 2005-08-27.
  9. ^ Baldas, Tresa. "Consumer Lawsuits Against Credit Bureaus Are Multiplying", The National Law Journal, 2006-08-16.
  10. ^ http://www.consumeraffairs.com/privacy/transunion.html.  Missing or empty |title= (help)
  11. ^ "http://money.cnn.com/2015/03/09/pf/credit-reporting-agencies-settlement/". CNN Money. CNN. Retrieved 13 May 2015. 

External links[edit]